CRO Faces Backlash But Trump Deal Boosts Price

This move came after the blockchain put the proposal to a vote, which ultimately passed, allowing the return of these tokens to circulation.

The decision quickly sparked controversy within the crypto community. The reissuance was met with backlash, especially after Trump Media and Technology Group, led by former US President Donald Trump, announced a partnership with Crypto.com to introduce a range of ETFs and ETPs under the Truth.Fi brand.

Crypto researcher ZachXBT criticized Crypto.com’s move, accusing the platform of breaking a promise made in 2021 to permanently burn the tokens. He argued that this action represented a significant violation of trust, potentially equating it to fraud. Additionally, ZachXBT questioned why Trump’s company would opt for Crypto.com over other major US exchanges like Coinbase, Kraken, and Gemini.

The reissue of such a large quantity of tokens raised concerns about the integrity and transparency of CRO, leading to a dip in its value and a surge in volatility. Despite this, the partnership with Trump’s media company gave the token a temporary boost. CRO experienced a 30% surge in value over 24 hours, bringing its price to $0.10 at the time of writing.